Top 9 Venture Capital Firms Investing in Hardware Startups

For founders in hardware, deep tech, or robotics, knowing the right investors is critical when preparing to raise capital. Your business has unique needs, and connecting with venture capital firms that understand the complexities of physical products is the first step toward a successful partnership.

To help, our team created this overview of top VC firms investing in hardware. Use this guide to quickly identify investors who are experienced in your field, whether it's AI hardware, IoT, or advanced manufacturing.

Actively raising? You can now access non-dilutive funding options like venture debt and credit lines through Rho Capital. Rho also provides access to business banking, corporate cards, and bill pay—built for startup teams moving fast.

Key Takeaways

• For hardware startups, securing venture funding provides the capital needed for research, development, and manufacturing, along with a strategic partner who understands long product cycles.
• Notable backers in the hardware industry include corporate venture arms like Amazon Alexa Fund, Cisco, and Lockheed Martin Ventures, as well as specialized firms such as Brick & Mortar Ventures.
• If you're raising or have just closed a round, Rho helps you manage your new capital with integrated tools for business banking, corporate cards, and bill pay.

Which VC Firms in Hardware Are Right for Your Stage?

From early-stage development to preparing for an exit, it helps to know who to contact. We've put together a brief overview of hardware VC firms and the stages at which they typically invest.

Pre-seed and Seed VC Firms in Hardware

This initial stage is for founders developing their core idea, building a prototype, and finding their first customers. For hardware startups at this stage, technology-focused venture capital firms like mHUB, Comet Labs, and StartX provide foundational capital and support.

Early Stage VC Firms in Hardware

Early-stage funding, typically Series A or B, helps you scale production, expand your team, and establish a market presence. Some of the top venture capital firms investing in hardware at this stage include Lockheed Martin Ventures and Brick & Mortar Ventures; once you secure this funding, Rho’s integrated tools help you manage and deploy the capital efficiently.

Late Stage VC Firms in Hardware

Late-stage capital is for established companies looking to accelerate growth, enter new markets, or prepare for an exit. While prominent late stage venture capital firms include corporate VCs like Cisco and iD Ventures America, Rho Capital can also connect you to non-dilutive options like venture debt if you're looking to extend your runway.

It's also worth noting that some investors, such as the Amazon Alexa Fund, invest across all funding stages, from seed to late-stage venture.

To help you find the right investors, we've compiled information on leading VC firms that specialize in hardware. For each firm, you'll find details on their typical investment stage, where they invest, and what distinguishes them.

1. Amazon Alexa Fund

The Amazon Alexa Fund is a corporate venture capital arm with up to $200 million dedicated to advancing voice technology. It supports companies building new applications for voice, from consumer electronics to enterprise software.

The fund invests across all stages and is known for backing companies with broad consumer appeal, like Ring and Ecobee. Their portfolio also includes deep-tech hardware, such as Pixieray's adaptive eyewear, showing an interest in frontier technology.

This firm is a strong match if your product can advance the voice technology ecosystem, whether in hardware, software, or AI. It's particularly well-suited for founders who can benefit from Amazon's market reach and deep technical resources.

• Investment stages: Seed, early-stage, and late-stage venture
• Industries of focus: Voice technology, AI, IoT, consumer electronics, hardware
• Geographical presence: Based in Seattle, Washington
• Founded year: 2015
• Notable portfolio companies: Ring, Ecobee, Greenlight
• Investor type: Corporate Venture Capital
• Portfolio size: Over 140 investments

You can refer to their website here.

2. Cisco

As the corporate venture arm of the networking giant, Cisco invests in companies that align with its core business in hardware, enterprise software, and communications infrastructure. This strategic focus means they look for startups that can integrate with or expand upon Cisco's existing technology ecosystem.

A key priority for the firm is artificial intelligence, underscored by its $1 billion AI investment fund launched in 2024. Their portfolio features AI leaders like Cohere, Mistral AI, and Scale AI, signaling a strong preference for enterprise-grade AI platforms.

Cisco is an ideal partner for founders of established companies, particularly in enterprise AI, who can benefit from a deep strategic relationship with a market leader. Once you secure a significant round, Rho’s integrated financial tools help you manage and deploy the new capital efficiently.

• Investment stages: Late-stage venture
• Industries of focus: Communications Infrastructure, Enterprise Software, Hardware, Software
• Geographical presence: Based in San Jose, California
• Founded year: 1984
• Notable portfolio companies: Cohere, Mistral AI, Scale AI, Anthropic
• Investor type: Corporate Venture Capital
• Portfolio size: Over 220 investments

You can refer to their website here.

3. Lockheed Martin Ventures

As the venture arm of Lockheed Martin, this firm invests in companies developing technologies that align with its parent company's strategic interests. They focus on deep-tech and hardware startups with applications in the aerospace, defense, and national security sectors.

Their portfolio highlights a preference for product-centric businesses, including small-satellite manufacturer Terran Orbital and AI-processor startup Mythic. This makes the firm a strong fit for founders building technologies with dual-use potential in both commercial and defense markets. Once you secure a round, Rho’s integrated financial tools help you manage and deploy the new capital efficiently.

• Investment stages: Early Stage Venture
• Industries of focus: Aerospace, National Security, Hardware, Space Travel
• Geographical presence: Based in Bethesda, Maryland
• Founded year: 2007
• Notable portfolio companies: Terran Orbital, Ayar Labs, Mythic, DUST Identity
• Investor type: Corporate Venture Capital
• Portfolio size: 91 investments

You can refer to their website here.

4. Brick & Mortar Ventures

Brick & Mortar Ventures invests in companies developing software and hardware for the architecture, engineering, and construction industries. They focus on technology designed to modernize how we design, build, and maintain the physical world.

The firm has a clear focus on construction technology, with a portfolio that includes notable exits like PlanGrid, which was acquired by Autodesk for $875 million. After a successful fundraise, Rho’s integrated financial tools can help you manage and deploy your new capital efficiently.

This investor is a strong match for founders building practical solutions for the construction, facility management, or civil engineering fields. They are particularly well-suited for early-stage teams who want a partner with deep industry knowledge.

• Investment stages: Seed and early-stage venture
• Industries of focus: Construction, architecture, and engineering technology
• Geographical presence: San Francisco, California
• Founded year: 2015
• Notable portfolio companies: PlanGrid, BuildingConnected, Fieldwire, HoloBuilder
• Investor type: Venture Capital
• Portfolio size: 83 investments

You can refer to their website here.

5. at.inc/

at.inc/ is a venture capital firm that partners with founders at the earliest stages of company building. Based in San Francisco, they invest in a wide range of technology sectors, from hardware and semiconductors to fintech and biotech.

The firm has a strong track record of backing companies that achieve significant exits, including Opendoor's IPO and the acquisitions of Peer5 by Microsoft and The Wild by Autodesk. This history signals a focus on businesses with clear paths to market leadership and integration with major tech ecosystems.

This firm is a good fit for early-stage founders building technology with the potential for a major exit, either through an IPO or acquisition by a strategic partner. If you're raising your seed round, Rho can help you manage your new capital with integrated banking, cards, and spend management tools.

• Investment stages: Seed, early-stage venture
• Industries of focus: Hardware, Software, FinTech, Biotechnology, Quantum Computing
• Geographical presence: San Francisco, California
• Founded year: 2015
• Notable portfolio companies: Opendoor, Peer5 (acquired by Microsoft), The Wild (acquired by Autodesk)
• Portfolio size: 42 investments

You can refer to their website here.

6. mHUB

Based in Chicago, mHUB is an innovation center dedicated to hardware and manufacturing. It operates as a combined accelerator, incubator, and venture fund to give entrepreneurs the resources they need to build physical products.

The firm’s portfolio shows a strong focus on "hardtech," with investments in med-tech, industrial IoT, and consumer electronics. It has backed notable companies like NovaXS, a YC graduate, and Hyivy Health, a CES 2024 Innovation Award winner.

mHUB is a great match for early-stage founders who need hands-on support with product design and manufacturing, not just capital. Once you secure that initial funding, Rho provides the financial tools to manage it effectively from day one.

• Investment stages: Seed and early-stage venture
• Industries of focus: Hardtech, IoT, manufacturing, product design
• Geographical presence: Chicago, Illinois
• Founded year: 2017
• Notable portfolio companies: NovaXS, Hyivy Health, Exicure (formerly Aurasense)
• Investor type: Accelerator, Incubator, Micro VC
• Portfolio size: 45 investments

You can refer to their website here.

7. Comet Labs

Comet Labs is a venture fund and incubator based in San Francisco that invests in and supports startups building intelligent machines. The firm focuses on the intersection of artificial intelligence and robotics.

The firm operates as both a micro-VC and an incubator, signaling a hands-on approach to company building. Its portfolio includes high-growth companies like self-driving firm Pony.ai and computer-vision unicorn Megvii, showing a focus on deep tech with large market potential.

Comet Labs is a strong fit for early-stage founders in AI and robotics who are looking for a partner that provides both capital and operational support. Once you secure your seed round, Rho’s integrated tools can help you manage the new capital with business banking, corporate cards, and automated bill pay.

• Investment stages: Seed, Early Stage Venture
• Industries of focus: Artificial Intelligence (AI), Robotics, Hardware, Machine Learning
• Geographical presence: San Francisco, California
• Founded year: 2015
• Notable portfolio companies: Pony.ai, Megvii, Simbe, Kinara
• Investor type: Micro VC, Venture Capital, Incubator
• Portfolio size: 40 investments

You can refer to their website here.

8. StartX (Stanford-StartX Fund)

StartX is an educational non-profit and accelerator that supports entrepreneurs from the Stanford University community. It provides resources and funding to help founders build their companies from the ground up.

The firm's connection to Stanford gives it access to a deep talent pool, and its portfolio includes major successes like OpenSea and Patreon. Their model includes non-equity assistance, showing a founder-first approach that prioritizes community and support beyond just capital.

StartX is an excellent choice for founders with a Stanford affiliation who are at the seed or early stages of development. As you grow beyond this initial stage, Rho can help you manage your capital with integrated banking and spend management tools.

• Investment stages: Seed, early-stage venture, convertible note, non-equity assistance
• Industries of focus: Broad technology sectors including hardware, software, biotech, and fintech
• Geographical presence: Palo Alto, California
• Founded year: 2011
• Notable portfolio companies: Lime, OpenSea, Patreon, Life360, Protocol Labs
• Investor type: Accelerator, Venture Capital
• Portfolio size: Over 330 investments

You can refer to their website here.

9. iD Ventures America

iD Ventures America, the venture capital unit of iD SoftCapital Group, invests in technology companies from its base in Santa Clara. Formerly Acer Technology Ventures America, the firm has a long history of backing businesses in hardware and enterprise software.

The firm is distinguished by its track record of supporting companies through to major public exits, including hardware leader iRobot and cybersecurity firm Fortinet. This history signals a focus on businesses with strong fundamentals and the potential to define their categories.

This investor is a strong fit for founders of both early and late-stage companies with a clear path toward an IPO or strategic acquisition. If you're raising a later-stage round, Rho Capital can also connect you with non-dilutive financing to extend your runway without additional equity.

• Investment stages: Early-stage venture, late-stage venture, private equity
• Industries of focus: Enterprise Software, Hardware
• Geographical presence: Santa Clara, California
• Founded year: 1998
• Notable portfolio companies: iRobot, Fortinet, Ginkgo Bioworks
• Portfolio size: 34 investments

You can refer to their website here.

What This Tells Us About The VC Scene for Hardware Companies

The venture capital scene for hardware companies shows strong support for founders at the beginning of their journey. Our list highlights a concentration of investors focused on seed and early-stage rounds, which is encouraging if you are building a prototype or finding your first customers. This suggests a healthy appetite for new ideas and technologies in the physical product space.

You also have a variety of investor types to consider, from corporate venture arms offering strategic alignment to accelerators providing hands-on support. While many firms are based in California, the presence of investors in other regions indicates that opportunities are not limited to a single location. This gives you more flexibility in finding a partner that fits your company's needs.

As you prepare to raise, remember that equity isn't the only path. Rho Capital can connect you with non-dilutive funding like venture debt to help you grow on your own terms. Once you secure capital, our integrated platform helps you manage it with tools for banking, cards, and payments, so you can focus on building your business.

Raise Confidently with Rho

When you're raising capital, your time is your most valuable asset. A focused list of relevant investors helps you direct your energy where it matters most.

If you’re seeking funding, Rho Capital connects you to non-dilutive options like venture debt and credit lines through a fast, guided process. We help you find financing tailored to your business without chasing lenders.

Once capital is secured, our integrated platform gives you the tools to manage it all in one place. You get access to business banking, corporate cards, and automated bill pay to deploy funds efficiently.

FAQs about Venture Capital Firms Focused on Hardware

Which US cities are hubs for hardware VC firms?

Beyond Silicon Valley, cities like Boston, Chicago, and New York have strong ecosystems for hardware startups. These hubs offer access to specialized talent, manufacturing resources, and investors focused on physical products and deep tech.

What do deep tech VC firms look for?

Deep tech investors prioritize companies with strong intellectual property and a clear technological advantage. They look for solutions to complex problems in areas like AI, robotics, and advanced materials, often with long development cycles.

What is the difference between a corporate VC and a traditional VC?

Traditional VCs primarily seek financial returns. Corporate VCs, often the investment arm of a large company, also look for strategic value, such as technology that can integrate with their parent company’s products or services.

How can I find the right hardware investors for my startup?

Start by researching firms that specialize in your industry and funding stage. Networking at industry events is key, and our team at Rho Capital can also connect you to non-dilutive funding options tailored to your business.

How can Rho help me manage my new funding?

After your raise, our integrated platform helps you manage and deploy capital with business banking, corporate cards, and automated bill pay. Rho provides the financial tools to help you scale efficiently.